Defence Salary Package Pension (SBI=

Tuesday, 22 August 2017

Defence Salary Package Pension (SBI)

Dear Veterans,

1.  Maj Gen PK Ramachandran (Retd) currently serving in State Bank of India as Circle Defence Banking Advisor looking after the salary packages of Defence (including Indian Coast Guard) and Para Military Forces and working in the capacity of a contractual GM.

2. His interaction with various veterans and also referring to SBI data base, he had observed the following issues:-

(a)  Many of our veterans are having pension a/c with SBI as normal SB A/C and not as Defence Salary Package Pension (DSP Pension) A/c. By this they are depriving themselves of all the privileges associated with DSP A/c. They can give their consent to the Branch Manager and convert their existing SB a/c in to DSP Pension A/c. All the benefits stated in DSP a/c are available to ESM less the following:-

(i)   Personal Accident Insurance Cover.

(ii)  Two months salary overdrawal facility limited to Rs 40,000/- to Silver Card.

(b)  Depending on the rank they have retired they are eligible for the type of a/c they are entitled.

3. They are also entitled to Pension Loan as under:-

Particulars 
Age of the Pensioner Up to 72 Years
Above 72 and up to 74 Years
Above 74 and up to 76 Years 
Loan Amount (Pensioner)
Rs 14.00 lakhs
Rs 12.00 lakhs
Rs 7.50 lakhs
Loan Amount (Family Pensioner)
Rs  5.00 lakhs
Rs  4.50 lakhs
Rs  2.50 lakhs 
Repayment
60 Months
48 Months
24 Months
4. However, the loan amount cannot be more than 18 Months of Pension.  All categories are entitled for a Second Loan within the eligible criteria.  The interest rate is 3.5% above base rate (13.35% at current base rate).

5. All veterans are requested to link their  Aadhaar with E-KYC (Know Your Customer) at the branch which would enable them to render life certificate from anywhere in the future as and when implemented.  Branches are being given separate instructions for completing the Aadhaar based e-KYC.

6. All veterans can contact his  Mob No. 07032903055 and also on e-mail ramcha_pk@hotmail.com and second contact person at Local Head Office, Hyderabad is  for any queries.

Regards

act  9:13 pm

Source:

http://indianmilitaryveterans.blogspot.com/2017/08/defence-salary-package-pension-sbi.html?m=1